Princeton's Tax Assessor Explains Property Tax System

How market values, revaluations, and assessment ratios guide Princeton's property tax assessments

Published on Mar. 5, 2026

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This article explores Princeton, New Jersey's property tax system, led by tax assessor Neal Snyder. It examines how market values, periodic revaluations, and assessment ratios are used to ensure fair and uniform property tax assessments across different neighborhoods and property types, including single-family homes and condos. The article also discusses potential reforms to the property tax system to encourage more compact, walkable development.

Why it matters

Property taxes are a critical source of revenue for Princeton, accounting for over half the town's annual budget. However, the property tax system can be complex and opaque to many residents. This article provides transparency into how Princeton's tax assessor works to ensure assessments are fair and equitable, while also exploring potential reforms to the system.

The details

Princeton's tax assessor, Neal Snyder, is responsible for assessing all homes in the town according to state regulations. He uses a range of strategies to approximate market values, including looking at recent sales, property improvements, and changes in neighborhood desirability. The town conducts periodic revaluations to keep assessments in line with true market values, though this can be a contentious process. State regulators also review the town's assessment ratios annually to ensure fairness across neighborhoods. The analysis in the article found that on average, the assessment ratios for condos and single-family homes are nearly the same, dispelling concerns of a "density tax" on condo owners.

  • Princeton last conducted a major revaluation in 2010.
  • The town evaluates homes and neighborhoods on a rolling basis as part of an annual "Compliance Plan".

The players

Neal Snyder

Princeton's tax assessor since 2003, responsible for assessing all homes in the town according to state regulations.

Will Jankauskas

Deputy tax assessor in Princeton's municipal office.

Mercer County Tax Administrator

Snyder's superior, providing oversight of the property tax assessment process.

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What they’re saying

“To assess all homes fairly according to Title 54, following rules and regulations that the state throws at you. The Mercer County Tax Administrator is my superior, but the municipality employs me, so this keeps me free of all politics.”

— Neal Snyder, Princeton Tax Assessor

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, Grocery employee (Instagram)

What’s next

The article notes that the author and a Princeton University student will explore potential reforms to the property tax system in a future article, such as shifting the focus from developed structures to the underlying land value.

The takeaway

Princeton's property tax assessor works diligently to ensure assessments are fair and uniform across neighborhoods and property types, dispelling concerns of a "density tax" on condo owners. However, the article suggests the property tax system itself may need reforms to better incentivize more compact, walkable development in the community.